HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Down – Should You Sell?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares gapped down before the market opened on Monday . The stock had previously closed at $2.79, but opened at $2.61. HIVE Digital Technologies shares last traded at $2.61, with a volume of 4,009,091 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on HIVE. B. Riley reduced their price target on HIVE Digital Technologies from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, November 21st. Wall Street Zen lowered HIVE Digital Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Rosenblatt Securities reissued a “buy” rating and set a $10.00 price objective on shares of HIVE Digital Technologies in a research report on Tuesday, November 18th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $3.50 price target (down from $11.00) on shares of HIVE Digital Technologies in a research note on Tuesday, January 27th. Finally, Northland Securities set a $7.50 price target on HIVE Digital Technologies in a report on Tuesday, October 7th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, HIVE Digital Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $7.63.

HIVE Digital Technologies Stock Performance

The business has a 50 day moving average of $3.00 and a 200 day moving average of $3.49. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $572.09 million, a P/E ratio of -10.90 and a beta of 3.58.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). HIVE Digital Technologies had a negative net margin of 16.18% and a negative return on equity of 14.15%. The firm had revenue of $83.37 million during the quarter, compared to analysts’ expectations of $80.62 million. On average, sell-side analysts predict that HIVE Digital Technologies Ltd. will post -0.32 earnings per share for the current year.

Hedge Funds Weigh In On HIVE Digital Technologies

A number of institutional investors have recently modified their holdings of the stock. Ground Swell Capital LLC purchased a new position in HIVE Digital Technologies during the fourth quarter valued at approximately $27,000. Ethos Financial Group LLC purchased a new position in shares of HIVE Digital Technologies during the 2nd quarter valued at approximately $36,000. Vanguard Personalized Indexing Management LLC acquired a new position in shares of HIVE Digital Technologies in the 2nd quarter valued at $38,000. HBW Advisory Services LLC purchased a new stake in HIVE Digital Technologies during the third quarter worth $40,000. Finally, WMG Financial Advisors LLC acquired a new stake in HIVE Digital Technologies during the third quarter valued at $40,000. Hedge funds and other institutional investors own 24.42% of the company’s stock.

About HIVE Digital Technologies

HIVE Digital Technologies Ltd is a publicly traded blockchain infrastructure company that specializes in the mining of digital assets such as Bitcoin and Ethereum. Using high-performance GPU and ASIC hardware, HIVE deploys proprietary mining rigs across multiple data centers to validate transactions on major blockchain networks. The company’s operations are designed to maximize hashing power while maintaining efficiency and uptime, enabling it to build and hold a portfolio of mined cryptocurrencies.

Headquartered in Vancouver, British Columbia, HIVE Digital operates data center facilities in North America and Europe, including Canada, Sweden and Iceland.